News

  DUBAI / WAM Foreign investors purchased shares worth AED1.8 billion on the Dubai Financial Market (DFM) over the week, while the value of stocks they sold amounted to AED1.9 billion, a DFM report said. The net foreign investment during the period reached AED150.1 million, as aggregate sale. The value of shares bought by foreigner investors comprised 35.6 per cent ...

  ABU DHABI / WAM The National Bank of Abu Dhabi (NBAD) closed the syndication of its US$2 billion club loan facility with a large oversubscription. Commitments of nearly $3 billion were received in syndication from 14 major international banks across Europe, Asia and the United States. However, due to its excellent liquidity position, NBAD will not be increasing the ...

  ABU DAHBI / WAM The Central Bank of the UAE (CBUAE) announced that, as of December 15, it has raised interest rates applied to its Certificates of Deposits in line with increase in interest rates on US Dollar, following the Federal Reserve Board’s decision to increase Federal Funds Rate by 25 basis points. Certificates of Deposit, which CBUAE issues ...

  MUSCAT / WAM The UAE participated in the meeting held on Thursday by Arab tourism ministers in Muscat, Oman to discuss efforts in developing the tourism industry in the Arab region. The UAE delegation at the 19th Arab Ministerial Tourism Council, an affiliate of the Arab League, is headed by Mohammed Khamis Al Muhairi, Under-secretary at the Ministry of ...

  VIENNA / WAM In 2017, world oil demand growth is forecast at 1.15 mb/d to average 95.56 mb/d, according to OPEC Monthly Oil Market Report. ‘‘World oil demand growth is estimated at 1.24 mb/d in 2016 supported by the transportation sector, reflecting low retail prices and better-than-anticipated vehicle sales. In the non-OECD, other Asia and China saw solid-to-steady oil ...

  Ajman / Emirates Business The Ajman Real Estate Conference 1, being organized by the Real Estate Regulatory Agency – Ajman (ARRA), the state-run institution mandated with regulating the real estate activities and developments in Ajman, was inaugurated this morning by Sheikh Abdul Rahman bin Ali bin Khalifa Al Khalifa, Director General of Survey and Land Registration Bureau – Bahrain, ...

  Dubai / Emirates Business The UAE Ministry of Health and Prevention successfully received ISO 9001:2015 certification for Quality Management Systems. The UK-based Lloyd’s Register Quality Assurance (LRQA), the world’s leading provider of independent assessment services, certified nine of the Ministry’s new central departments following stringent assessment. Dr. Mohamed Salim Al Olama, Undersecretary of the UAE Ministry of Health and ...

  Dubai / Emirates Business DEWA received Sheikh Majed Al Sabah, CEO of 360 and founder of The Fragrance Kitchen (TFK). He is one of the most influential Arabs and one of the most influential people in the world on social media. It was his first visit to the Mohammed bin Rashid Al Maktoum Solar Park in Seih Al Dahal, ...

  Abu Dubai / Emirates Business Union Insurance appointed Etisalat to manage its core IT network infrastructure which will allow the company to focus on delivering innovative, high-value insurance products to their customers in the UAE. As one of the early adopters of Etisalat’s Managed Telephony and Data Connectivity solutions, Union Insurance is now outsourcing the operations and management of ...

  Dubai / Emirates Business The utilities sector has historically under-invested in information technology (IT), but an increasing number of utility companies in the MENA region are waking up to the benefits of smart technology – particularly smart grids, a Booz Allen Hamilton report has found. According to Masdar Institute of Science and Technology in Abu Dhabi, smart grids offer ...